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The beleaguered Californian utility’s innovative $200mn wildfire liability catastrophe bond cost the company $26.8mn.
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Overall cat bond losses are in line with modelled expectations but more claims have come from non-core perils than expected, Lane Financial analysts suggested.
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The insurance premium on the EUR45mn ($51.5mn) Italian multi-peril Atmos notes settled 12.5 percent above initial median targets.
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If the ILS market is all about convergence, is it still a worthwhile task to try to create dividing lines within the market, or is a movable border a better representation of messy reality?
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The Sompo International manager will consider share buybacks, CEO Michael McGuire said. -
Perils said the Sydney event was likely to rank as one of the largest Australian hailstorms on record.
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The organization bought 10 percent less limit after placing its $500mn cat bond last year.
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The increase follows reports that the class B notes have been placed in the traditional market.
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The utility still faces investigation for this year’s Camp Fire.
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Allianz said it would assist Pimco’s new ILS business through originating collateralised reinsurance and other investments.
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The EUR90mn Italian multi-peril cat bond from Unipol will only be partly placed in the cat bond market, sources said.
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USAA’s losses put it on track to recoup another $82mn from its cat bonds, following a projected $182mn recovery in 2017.
